Colgate-Palmolive quarterly sales miss estimates


(Reuters) – Colgate-Palmolive Co (CL.N) reported on Friday lower -than-expected sales on slower growth and a drop in profit on a charge related to the new U.S. tax law. The world’s largest toothpaste maker’s shares were down 3 percent at $74.90 in premarket trading. The company said sales rose 4.5 percent to $3.9 billion in the fourth quarter ended Dec. 31. Analysts on average had expected sales of $3.92 billion, according to Thomson Reuters I/B/E/S. Net income plunged to $323 million, or 37 cents per share, from $606 million, or 68 cents per share. The company took a charge of $275 million as a result of the U.S. tax reform. Profit, excluding charges, was 75 cents per share, in line with analysts’ estimates. Reporting by Sangameswaran S in Bengaluru; Editing by Maju SamuelOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters